Business Ownership Test Review

What is a one-page plan that helps you see how your business will make money, who your customers are, and how you’ll deliver value?

BMC

What are the different groups of people or organizations that your business aims to serve?

Customer Segments

What is the reason customers choose your product or service, and what makes it unique and valuable?

Value proposition

What are the ways you deliver your product or communicate with customers?

Channels

What is the way your business interacts with customers?

Customer Relationships

What are the ways a business makes money?

Revenue streams

What are the important assets a business needs to operate?

Key Resources

What are the main things a company needs to do to succeed?

Key Activities

What are the other businesses or people that help a company succeed?

Key Partner

What are all the costs a business has to pay to operate?

Cost Structure

What is the simplest version of a product which can be tested with real customers to get feedback?

MVP

What is an early model or sample used to test an idea or concept before full production?

Prototype

What are opinions and information customers share about a product or service?

Customer Feedback

What are small changes and improvement to a product based on customer feedback?

Iterations

What is proof that an idea or business model works and that customers are interested?

Validation

What is it when information is gathered about potential customers and competitors?

Market Research

What is the specific group of people a business wants to reach and sell to?

Target Market

What is it called when a product effectively solves a real problem for your target customers?

Problem-Solution Fit

What is it called when a product meets strong demand from customers and starts to grow naturally?

Product-Market Fit

What is a significant change in a product or business model based on what is learned from testing?

Pivot

What is a person who starts and runs a new business called?

Entrepreneur

What is a new business created to test and grow a new idea or product called?

Startup

What is it when something new is created or an existing product, service, or process is improved?

Innovation

What is the things a business does better than others in the same market?

Competitive Advantage

What is the ability for a business to grow and handle more customers without major increases in cost?

Scalability